USA - Developer AEG has submitted its proposal for a convention center/football stadium renovation to the city of Los Angeles.
The privately-financed US$1bn plan includes a new $220m multipurpose event centre at the West Hall of the Los Angeles Convention Center, and a new convention centre hall to replace the exhibition and meeting space currently contained in the West Hall.
If approved, the new centre would accommodate NFL American football events, exhibitions and conventions, concerts and other entertainment, housed on the lot now holding the West Hall of the Los Angeles Convention Centre.
The event centre will be modeled after the Staples centre and is designed to provide roughly 26,500sqm of usable space for convention and exhibition events, comprising 15,300sqm of floor space at the event level and approximately 11150sqm of meeting space and other ancillary features.
The event centre will be constructed by the developer entirely with private funds, with the city providing AEG a long-term ground lease with rent to be determined. Other elements of the development would be co-funded with around US$350m in city-approved bonds.
“Like most Angelenos, we are excited about the prospect of an NFL team returning to Los Angeles after a 16-year absence,” said president and CEO of AEG, Timothy J Leiweke in the proposal. “However as important as that objective may be, we firmly believe that the opportunity here transcends football.
“In particular, we envision a project that will not only constitute the next dramatic step in the continued revitalisation of downtown Los Angeles, but will also enhance the attractiveness of Los Angeles as a destination for major convention and tourism business, and fuel economic growth in a region still suffering from the deepest recession of our lifetime,” he said.
AEG made its initial pitch to the Los Angeles City Council in January, prompting the LACC to launch a formal working group.
“This project will drive direct investment of over US$1.4bn into facilities serving the tourism industry, which, as you know, has become one of the region’s most economic sectors,” Leiweke told LACC.
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